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Analyzing Operating Expenses
Kenneth G. Foltz, MAI, SRA
Appraisal Institute - Online Education
to check state approvals
Sponsor / Contact
Analyzing Operating Expenses is designed to help you better estimate operating expenses on commercial real estate. Suggested methods for improving analysis of operating expenses will be reviewed, and information sources available for you to forecast expenses will be explored. Expense categories will be presented with in-depth analysis, as well as a review of characteristics of operating expenses. In this online seminar, you will be exposed to three case studies to provide practical insight into the expense analysis process.
This seminar is designed to benefit commercial appraisers and property analysts of various skill and experience levels. All appraisers and analysts, experienced or otherwise, can profit from the enhanced awareness that appropriately forecasting operating expenses can have on preparing supportable estimates of value.
Module 1: Overview of Operating Expenses
Module 2: Information Sources and Expense Categories
Module 3: Real Estate Tax Expense Analysis
Module 4: Insurance Expense Analysis and Case Study 1
Module 5: Variable Expense Analysis
Module 6: Case Study 2 - Apartment Complex
Module 7: Other Expense Analysis and Case Study 3
The presentation is in seven modules in essentially three parts:
Part I (Modules 1 and 2) includes an overview of operating expenses and provides basic information on where to obtain support for the analysis of operating expenses.
Part II (Modules 3 and 4) covers those expenses that are typically referenced as fixed expenses, and it concludes with a case study to demonstrate the role the expense analysis process has on a retail shopping center.
Part III (Modules 5 -7) cover variable and other type expenses that can have a material impact on both a property’s operating expenses and the property’s ultimate market value.
• Learn key operating expense questions to ask owners/managers to better understand variations in expenses.
• Explore a variety of expense information sources.
• Review the need to analyze historical property expenses.
• Review various expense categories.
• Explore the concepts of operating expenses, capital expenses, and non-recurring expenses and how these expenses should be analyzed.
AI CE Credit for Designated members and Practicing Affiliates
• Attend Only = 35 points
If you are unable to complete an online program once it begins, you may cancel out of the program within 30 days after the official end date. Absolutely no cancellations will be processed after 30 days of the official end date. Once you cancel out of a program, you must start the program over at the beginning in any later enrollments. You cannot be placed into the program where you left off before canceling.
The following refund policy is in effect for canceled online programs based on the amount of material completed in a program:
Less than 25% of the program completed: $60 cancellation fee
More than 25% of the program completed: no refund
I agree to the terms and policies set forth under the Appraisal Institute Online Education Policy. I also certify that I am the person identified above under Personal Data and that I will personally complete each assigned module of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a member of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, that I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Appraisal Institute's Code of Professional Ethics and Standard of Professional Appraisal Practice, and that such peer review proceeding may result in termination of my Appraisal Institute membership.
ONLINE CLASS ACCESS
Please allow 1 hour after registration to start an online session in progress (on or after the session start date). Go to
and log in with the username and password you used when you registered. You will automatically be taken to the "My Appraisal Institute" page. Near the middle of that page your course will be listed with a link next to it that says "Go To Class".
If you have any questions, please email us at
Online Education Homepage
200 W. Madison, Suite 1500, Chicago, IL 60606
888-7JOINAI (756-4624) |
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